Whether it’s your first time buying a home or your fifth, the ever-changing real estate landscape means you’ll likely have a few questions that come up along the way. From how to determine how much home you can afford to how to buy and sell at the same time, you can count on Andersen Group Realty to clear up the confusion and set you on the right path.

After all, buying a home is one of the biggest financial decisions you’ll ever make. You want to feel confident every step of the way and that’s why we’re sharing some of the most common home buyer questions (and answers!) below.

“How Much Can I Afford to Spend on a Home?”

Determining your budget is crucial before diving into the home buying process. Start by assessing your financial situation, including your income, existing debt, and savings. Use online mortgage calculators to estimate monthly payments and consider consulting with a financial advisor to gain clarity on what you can comfortably afford. To get a true sense of how much home you can afford, it is recommended that you speak to a mortgage professional who will be able to guide you through the process.

“If I Need the Proceeds from Our Home Sale to Buy New, How Do I Buy and Sell at the Same Time?”

We can structure the offer so that you can sell your home with a lease back option. Doing so allows you to remain in your current home after the closing and use the proceeds to purchase the new home. It also enables you to make an offer that is not contingent on the sale of your current home, which is important in this competitive market.

Looking for more info on the pros and cons of buying or selling first? Click here to read our article on the topic.

“What Should I Look for in a Neighborhood?”

When considering potential neighborhoods, look at factors such as proximity to amenities, school districts, safety, and future development plans. Visit the area at different times of the day to get a feel for the community to see if it aligns with your lifestyle and preferences.

“How Can I Make My Offer Stand Out?”

It is not always just about the offer price. There are other ways we can make your offer strong and competitive. Structuring the offer and the contingencies so that you feel protected while ensuring the offer package is attractive as a whole is important. By working with a professional real estate agent, they will be able to guide you on the landscape of the offer scenario and ensure that the right offer strategy is used to help protect your interests and also put your best foot forward.

“What is the First Step in the Home Buying Process?”

When preparing to buy a home, you will first find a buyer’s agent you like and trust. This is essential as they will be the one helping you to navigate the market. Next, you will get pre-approved for a mortgage to give you an edge over other buyers. After you find a home you’re interested in, you will write an offer. If your offer is accepted, you will then move forward with conducting a home inspection, appraisal, and completing the loan process.

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Searching for more home buying advice? Read these other blog posts next.

• How to Buy a Home in Winchester, MA Before Moving There
• 5 Things to Consider to Get Your Offer Accepted
• How to Maximize the Value of Your Home Purchase

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“Should I Work with a Buyer’s Agent?”

A buyer’s agent works towards creating the maximum benefit possible for the buyer. There are dozens of benefits of working with a buyer’s agent, including:

1. Leveraging the balance of power at the offer presentation. The seller’s agent acts in the seller’s best interests and the buyer’s agent acts in your best interests.
2. Pointing out all of the negative and positive aspects of a property and how they will affect resale, so you will be fully informed when making your decision.
3. Providing you with a Comparative Pricing Analysis with information on comparable sales to help formulate your offer price.
4. Working in your best interest with drafting offers, counter-offers, and engaging in negotiations.
5. Recommending local service providers, such as lenders, inspectors, and attorneys.
6. Attending all inspections.

“Do I Need to Sign a Buyer’s Agency Agreement? Can’t I Negotiate a Better Deal by Working with the Listing Agent?”

The simple answer to the question as to whether or not you can negotiate a better deal by dealing directly with a listing agent is NO. There are several reasons for this:

1. A listing agent has a contract with the seller and therefore, a responsibility to them. A listing agent cannot properly counsel you regarding the amount you should offer or the negotiating strategy you should use based on this conflict of interest.
2. The fee amount is set at the time the listing agent enters into the listing agreement with the seller. As a result, there is no discount to a buyer by hiring the listing agent as the seller has already agreed to the fee. What’s more, suggesting to a listing agent that you expect a decrease in the fee or price by eliminating the buyer’s agent can set a negative tone. The listing and buyer agent are both an integral source of information and member of the sales process.
3. A good listing agent will decline to assist you and will refer you to a buyer’s agent. This way, both parties will gain the benefit of solid counsel in their best interests.
4. Without a buyer agent in your corner, it can be challenging for a homebuyer to move forward confidently knowing that their best interest is being protected.

Navigating the home buying process can feel overwhelming, but preparing yourself with knowledge and guidance can ease the transition into homeownership. By addressing these common questions, you will be much better equipped to embark on the home buying path with confidence in 2024 and beyond.

Looking for a powerful real estate team to guide your home purchase? Discover Andersen Group Realty’s unparalleled buying and advisory services today. Click here to send us an email or call 781-729-2329 to get started.